CHARITY REGISTRATION NUMBER: 284789 OSCR REGISTRATION NUMBER: SC037835 The Apostolic Church Financial Statements 31 March 2024 BURGESS HODGSON LLP Chartered accountants & stalutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
The Apostolic Church Flnanclal Statements Year ended 31 March 2024 Page Truslees, annual report Independent auditor's report to the members Statement of financial activities 13 Statement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16
The Apostolic Church Trustees, Annual Report Year ended 31 March 2024 The Iruslees present their report and the financial statements of the charity lor the year ended 31 March 2024. Introduction l am delighted lo present on behalf ol the Trustees of the charity (The Apostolic Church UK) their report lor the period April 1 sl 2023 to March 31 sl 2024. There have been extraordinary changes in our world, politically, culturally, even our climate has been changing. However, one thing has not changed, just as He promised, Jesus has been building His churchl Our extensive repositioning and reslrucluring as a ¢harily over the past three years has enabled us to robust enough lo rise to the challenges and flexible enough to pivot towards the greal opportunities. In the following pages, the Trustees seek to outline a picture ol the national church at work from April 2023 to March 2024. We do so with hearts grateful to God for His faithfulness lo His people for their labours in His Name and lor His Glory. Rev I Parker National Leader
The Apostolic Church Trustees. Annual Report {conllnued) Year ended 31 March 2024 Reference and administrative details Registered charity name The Apostolic Church Charity registration number 284789 Principal off ice 105 Crystal House New Bedford Road Lulon LU1 1HS The tru$tees Rev P Doherty Rev A Malheson Rev D Bird Rev C Hopkins Rev A Skene Rev I Parker Rev S Taylor (Appointed 18 April 20231 Audltor Burgess Hodgson LLP Chartered accounlanls & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN Bankers The Floyal Bank ol Scotland PLC 13-14 Walter Road Swansea SA1 5NG Barclays Bank IUKI PLC Lulon George Sireel 2 Leicester LE87 2BB Soll¢ltors Waldrons Wychbury Court Brierley Hill DY5 1TA Quinn Legal The Beacon 176 Si Vincent Sireel Glasgow G2 5SG
The Apostolic Church Trustees. Annual Report {conllnued) Year ended 31 March 2024 Structure, governance and management The charity is an unincorporated organisation governed by a constitution, the last amendment of which was approved in 2018. The activities of the charity are overseen by Trustees, appointed lor a period consislenl with that ol the National Leader. Trustees carry responsibility lor the spiritual life of the church as well as the business and financial activities that undergird ils ministry. The range ol activities is extensive, the geographical reach is vast, and the level of complexily increases year by year. The Trustees are supported by the ministry ol apostolic leaders who share the spiritual burden ol leadership, and a team responsible for the administrative and financial business ol the charity. As previously reported the Trustees have decided Ihal the present unin¢orporaled structure is no longer the most appropriate legal slruclure. The church functions as a single entity with diverse expressions throughout the country. The diversity of expression is determined by the skillsets ol the leaders and congregations, the nature of the community in which a local chur¢h may serve and the extenl lo which they are able lo use their available resources. Local churches relate to each other through an apostolic leader ol their choice and relate to the national enlily by means ol a range ol reporting features that lake account of key business and administrative indicators. Each local church, though empowered lo be creative and innovative, even unique in its expression, remains commilled to a primary task, that of communicating the Gospel lo ils community and seeking lo disciple believers towards Christian malurily. The church at national level, through ils leadership functions, remains responsible for accrediting ministers, reviewing performance, appointing officials and stall, developing policy, managing our properly portfolio, overseeing stall, legal issues, maintaining corporate standards and determining, shaping and monitoring our financial and business practices, elc. Public Benefit The Church conducts its activities in the belief that il serves a public benefit by virtue ol its mission lo advance the Christian faith and relieve suffering and that ils activtties meet the Charity Commission's guidance in respect of Public Benefit.
The Apostolic Church Trustees. Annual Report {conllnued) Year ended 31 March 2024 Objectives and activities The charity Ilhe church) exists as a legal entity in which the church conducts ils legal allairs as il seeks lo lulfil ils missional mandate in the UK and beyond. In human terms, leadership is paramount, and the church seeks lo prepare, encourage and support leaders as they seek to bring the ministry of Christ lo various villages, towns and cities across the UK. The church is made up ol many congregations, each with ils own mission field, and each with ils resources and slrenglhs. Our key strategy is to provide a support mechanism lor leaders as they seek to support those they lead. Mission drift is always possible and the church endeavours lo slate and reslale its primary purpose so that any drill is arrested early. The primary obje¢live ol the church is lo reveal Christ to the nation through a network ol local churches. Our main activities are those asso¢iated with the local ¢hurch praying, prea¢hing, worshipping, learning, serving, and witnessing in many ways. The ¢hurch will. in addition, advo¢ate for the wellbeing ol Ihe poor and disadvantaged, care for the sick and lonely and address issues that may have social relevance. The church will seek lo use the plattorm provided by the Gospel to communicate Christ lo the nation.
The Apostolic Church Trustees. Annual Report {conllnued) Year ended 31 March 2024 Achievements and performance The Trustees believe we are a stronger entity, having learned, and still continuing lo learn, the lessons from the pandemic, Black Lives Maller IBLMI and other cultural and economic shills. We are not only stronger, we are also healthier as we've risen lo our true raison d'elre, which is mission with a refreshed missional locus and an intergeneralional, inlercullural community ol lailh. The undergirding ol the local church is an absolute priority, as without the local church there would be no National Church. We are investing in a national team wiihout burdening the local church with further costs. This is being done through the rental of surplus properties and means the local churches gel much more value for their contribution than ever before. The National Church now provides.. An increasingly agile and adept National Office lor the support ol local assemblies. Additional national roles including a safeguarding offi¢er, operations director, multimedia communi¢alions specialist, national dire¢lors ol Youth work and Children's work, a dire¢lor of training, and overseas administrative support for ReACh groups Training and Leadership Development is delivered through Next Sessions, theological training via Acts Divinity, and dedicated leaching video resources. Conferences and gatherings for strengthening and networking. The benefit ol these changes is being felt in growing local churches. The CIO One ol the major areas ol change for The Apostolic Church, was the decision lo reconslilute from an unincorporated charity lo an incorporated charity, allording us a unique opportunity to further reslruclure delivery ol our mission. Overseas trips and field development The newly formed AC FleACh groups have all begun the process ol collaborating and envisioning apostolic missional expression in each ol the regions ol the world for which they are responsible. This has meant the activity ol intentionally reconnecting with existing fields and the pioneering of fresh missional connections and expression through ReACh groups has begun in earnest. Small teams have been travelling widely and initial results are very encouraging. Exarnples ol Ihis collaboration and facilitation, are our ongoing relationships with the Hungary and Malawi Apostolic churches, bringing relief in times of real crisis. In collaboration with other European churches we have delivered, through the church in Hungary, aid lor those sullering in Ukraine. In Malawi. relief money was donated lo help with the ¢risis following the annual cyclone season which inflicted flooding and devastation across the nation. Causing loss of lrfe and the widespread destruction of property and crops. Famine became a major issue and so our partnership enabled the Malawi AC to buy food for starving families using ILJnds generously given by ACUK churches. Training ACUK'S training strategy over the previous four years has been to inlensily leadership development and lill a leadership vacuum by offering two dislincl training pathways, the Balon Course and the Leadership Academy. Both were excellent courses and between them they delivered over 150 graduates, many now recognised ministers, some church planters, and many officers of the church. In 2023 the decision was made lo lake a fresh approach lo our leadership development and further
The Apostolic Church Trustees. Annual Report {conllnued) Year ended 31 March 2024 extend and capilalise on the great opportunities lor equipping leaders in collaboration with our newly formed ReACh groups, seeking lo train, or lacililale training overseas. Dr Jonathan Black and a small team have been working hard lo deliver the new training program, ACTS Divinity, a Iwo-year course that is entirely built lo amplify AC DNA, doctrinal distinctives, culture and practice, in a relevant and nurturing environment. ACTS Divinity was launched in September 2024, and 20 students have begun this course. Courses will begin in Africa next year, and we believe this training formal will continue to reach and impact other regions of the world also. Safeguardlng An in¢redible effort from our Safeguarding team during this year delivered revised policies, increased training and greater compliance right across the ¢harily,' as a result ACUK is a safer community lor all. Safeguarding ¢onlinues lo be a major area of focus, as we seek lo continually demonslrale besl practice. Communl¢atlon We continued to invest in developing our online plallorms to strengthen both internal and external communications. This has set us on a trajectory for increased ellort lo use a variety of media plallorms to increase our reach. Investment has had to be made, but we are already seeing the returns. There is still work lo be done lo further improve our communications. and so this continues to be an area ol focus lor the Church. Partners One ol the posilive ellecls ol lockdown and reslriclions was that our networking opportunities multiplied and like-minded partners reached out to one another. This year we have significantly strengthened our relationships with both the European and Worldwide Aposlolic Churches and our inlerdenominalional links. These partnerships will be vital as together we will be stronger, go further and achieve lar greater results.
The Apostolic Church Trustees. Annual Report {conllnued) Year ended 31 March 2024 Financial review The trustees report that Ihe accounts lor the year ended 31 March 2024 show a surplus of £629,704 12023.. £911,533). This is slated after Ihe actuarial gains of £148,00012023- £521,000) incurred on the defined benefit pension schemes. The church had healthy year end reserves 01 £21,645,43712023'. £21,015,733). The Iruslees are content that whilst there may be some local difficulties in some local churches the church overall is able to meet ils obligations, make provision for reserves, achieve a small surplus and ensure that as much income as possible remains available lor local churches lo conduct their ministry in and from their local communilies. Investment pollcy The Chur¢h's tx)li¢y is to hold ex¢ess funds and reserves in cash, short and medium-lerm investments. As has been the case lor some time. properties which are surplus to requirements are sold. The pro¢eeds of the sale ol manses are used to meet our historical obligations. Others are used to strengthen and enhance the ministry locally and nationally. Risk management The Trustees regularly review the risks laced by the Church as it conducts ils varioLJS events and aclivilies. Risk is managed by developing and implementing policies in respect ol major risks associated with people and property management. People-related risks are managed through policies like DBS registration, safeguarding and data protection. The Church has partnered with Thirtyone-eight as a training provider to extend specialist safeguarding training on a bespoke basis for all our ministerial and Christian workers. Our property management policies include appropriate caretaking and security ol buildings, and a range ol appropriate insurance arrangements lo cover foreseeable risks. Plans lor future periods Registration of the new CIO is now finalised with the Charity Commission and preparation is now in progress lo arrange the transfer of undertakings into the new legal entity. We anticipate and are working towards the new legal enlily becoming operational from 1 April 2025. Last year we reported that the closed AG Final Salary Pension scheme was lo be transferred lo an external provider. This work advanced during the year 2023-24. We expect in 2024125 for an external provider lo sign a buy-in contract for both the Final Salary and 6171hs scheme. Tru$tees' re$ponslbllltles statement The Iruslees are responsible lor preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. The law applicable lo charities in England, Wales and Scotland requires the charity Iruslees to prepare financial statements for each year which give a true and lair view ol the slate of allairs of the charity and ol the incoming resources and application ol resources, of the charity lor that period.
The Apostolic Church Trustees. Annual Report {conllnued) Year ended 31 March 2024 In preparing these financial slatemenls, the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudenl., prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Iruslees are responsible lor keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position ol the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, Charities and Trustees Investments Iscoilandl Act 2005, the Charity Accounts Iscotlandl Regulations 2006 las amended). and the provisions ol the Trusi Deed. They are also responsible lor safeguarding the assets ol the charity and hence lor taking reasonable steps for the prevention and detection ol fraud and other irregularities. The Iruslees. annual report was approved on 1911212024 trustees by.. and signed on behalf ol the board ol Rev I Parker National Leader
The Apostolic Church Independent Auditor's Report to the Members of The Apostollc Church Year ended 31 March 2024 Opinion We have audited the financial slalemenls ol The Apostolic Church Ithe 'charily'l lor the year ended 31 March 2024 which comprise the slalemenl ol financial aclivilies, slalemenl ol financial position, statement ol cash flows and the related notes, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial 51atements'. give a true and fair view ol the state of the charity's affairs as al 31 March 2024 and ol ils incoming resources and application of resources, including its incom8 and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- have been prepared in accordance with the requirements ol the Charities Act 2011, the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 8 01 the Charities Accounts Iscotlandl Regulations 2006 las amended). Basis lor opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities lor the audit of the financial slalemenls section ol our reporl. We are independent ol the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have lullilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation ol the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or Collectively, may cast significant doubl on the charily's ability to continue as a going concern for a period ol al least twelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of the Iruslees with respect to going ¢oncern are des¢ribed in the relevant sections ol this report.
The Apostolic Church Independent Auditor's Report to the Members of The Apostollc Church (conllnued) Year ended 31 March 2024 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. The truslees are responsible lor the other information. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form ol assuran conclusion thereon. In connection with our audit ol the financial slalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a rnaterial misslatemenl in the financial statements or a material misstatement of the other information. 11. based on the work we have performed, we con¢lude that there is a material misstatement ol this other information. we are required to report that fa¢l. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect ol the following matters where the Charities Act 2011 and the Charity Accounts (Scollandl Regulations 2006 las amended) requires us to report to YOLJ il, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the financial slalements: or proper accounting records have not been kept- or the financial statements are not in agreement with the accounting records and the returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more lully in the trustees. responsibilities slalement, the trustees are responsible for the preparation ol the financial statements and for being satisfied that they give a true and lair view, and for such internal control as the trustees determine is necessary to enable the preparation ol financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial stalemenls, the Iruslees are responsible lor assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. 10-
The Apostolic Church Independent Auditor's Report to the Members of The Apostollc Church (conllnued) Year ended 31 March 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are Iree from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial slalements. Irregularities, including fraud, are inslances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respecl of irregularities. including fraud. The exlenl lo which our procedures are capable of detecting irregularities, in¢luding fraud is detailed below= We identify and assess the risks ol material misstatement of the financial statements, whether due lo fraud or error. and then design and perform audit procedures responsive lo those risks, including obtaining audit evidence that is sullicient and appropriate to provide a basis for our opinion. In idenlilying and assessing risks of material misstalemenl in respect ol irregularities, including fraud and non-compliance with laws and regulations, we have considered., the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies. key drivers lor directors, remuneration, bonus levels and performance targets. Throughout the audit lesling we are considering the incentives that may exist within the organisation for fraud. Key areas include liming of recognising income around the year end, posting ol unusual journals and manipulating the Company's performance measures lo meet largels. In common with all audits under ISAS IUKI, we are also required to perform specific procedures lo respond lo the risk ol management override. We ensure we have an understanding ol the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent lirNilalions and unavoidable risk that we may not detect some irregularities and material misslalemenls In the financial stalemenls. We are not responsible for preventing non-compliance and cannot be expected lo detect non-compliance wilh all laws and regulations. As part ol an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess th8 risks ol material misslatem8nl of the financial slalements, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis lor our opinion. The risk ol not delecling a material misstalemenl resulting from fraud is higher than lor one resulting from error, as fraud may involve collusion, forgery, inl8nlional omissions, misrepr8senlations, or the override of internal control. Obtain an understanding ol internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not lor the purpose of expressing an opinion on the ellecliveness of the internal control. Evaluate the appropriateness ol accounting policies used and the reasonableness ol accounting eslimales and related disclosures made by the trustees.
The Apostolic Church Independent Auditor's Report to the Members of The Apostollc Church (conllnued) Year ended 31 March 2024 Conclude on the appropriateness ol the Iruslees, use ol the going concern basis ol accounting and. based on the audit evidence obtained, whether a material uncertainly exists related lo events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. 11 we conclude that a material uncertainty exists. we are required lo draw allenlion in our auditor's report lo the related disclosures in the financial statements or, il such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date ol our auditor's report. However, lulure events or conditions may cause the charity lo cease lo continue as a going concern. Evaluate the overall presentation. structure and content ol the financial slalements, including the disclosures. and whether the financial slalemenls represent the underlying transactions and events in a manner that achieves lair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing ol the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with section 144 01 the Charities Act 2011 and regulations made under section 154 01 that Act, and Regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audr( work has been undertaken so that we might stale to the charity's members those mallers we are required to slate to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, lor our audit work, for this report, or lor the opinions we have formed. H.3,- Lce Robert Field FGA CTA (Senior Statutory Audilorl Iq"" D For and on behalf of Burgess Hodgson LLP Chartered accountants & slatulory audilor Camburgh House 27 New Dover Road Canterbury Kent CT13DN loi+ 12-
The Apostolic Church Statement of Flnancial Actlvlties Year ended 31 March 2024 2024 Reslricled funds Total funds Total funds 2023 Unreslricled funds Note Income and endowments Charitable activities Investment income Other income 4,834,871 331,348 850,651 378,828 5.213.699 331.348 850,651 4,981,965 304,832 500,630 Total Income 6,016,870 378,828 6,395,698 5,787,427 Expenditure Expenditure on charitable activities Total expenditure 7,8 5,377,723 5,377,723 542,336 5,920.059 5.920.059 5,389,958 542,336 5,389,958 Nel gainslllos8esl on investments 10 6,065 6,065 16,9361 Net income 645,212 1163.5081 481,704 390,533 Transfers between funds 165,5811 65,581 Other re¢ognl$ed galns and lo$se$ A¢luarial gains on defined benefit pension schemes 148,000 148,000 629,704 521,000 911,533 Net movement in tunds 727,631 197,9271 Reconclliation of tunds Total funds brought lOard Total funds carried forward 17,536,887 3,478,846 21.015,733 20,104,200 3,380,919 21.645.437 21,015,733 18,264,518 The statement ol financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 16 to 32 torm part of these financial statements. 13-
The Apostolic Church Statement of Flnanclal Posltlon 31 March 2024 2024 2023 Notè Fixed assets Tangible fixed assets Investments 15 12,687.179 12,519,438 16 130,005 12,687,179 12,649,443 CUrn1 assets Debtors Cash at bank and in hand 17 411,486 12,125 9,642,884 10,705,106 10,054,370 10,717,231 Creditors- amounts falling due within one year Net current assets 18 178,972 9.875.398 10,495,747 221,484 Total assets less current liabilities 22,562.577 23,145,190 Creditors: amounts falling due after more than one year Net assets excludlng deflned beneflt penslon plan asset 19 978,140 1,026,457 21,584,437 22,118,733 Defined benefit pension plan liability Net assets including defined benefit pension plan asset 20 161.0001 1,103,000 21,645,437 21,015,733 Fund$ of the Charlty Restricted funds Unreslricled funds.. Defined benefit pension reserve Other unrestricted income funds 3,380,919 3,478,846 61,000 11,103,000) 18,203,518 18,639,887 18,264,518 17,536,887 21 21.645.437 21,015,733 Total unregtricted funds Total charity funds These financial slalemenls were approved by the board ol Iruslees and aulhorised for issue on 1911024 and are signed on behalf of the board by.. Rev I Parker National Leader The notes on pages 16 to 32 torm part of these financial statements. 14-
The Apostolic Church Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Nel income 481.704 390,533 Adjustments for.. Depreciation ol tangible fixed assets Nel gainslllossesl on investments Dividends, interest and rents from investments Interest payable and similar charges Gains on disposal ol tangible fixed assets Defined benefit pension plan employer contributions Accrued lincomellexpenses 120.083 124,881 {6.065) 6,936 (331.348) 1304,8321 340.962 79,947 (850,651) 1344,5361 11,345,000) 1290,0001 186,8621 80,730 Ch8nges in.- Trade and other debtors Trade and other creditors (399,361) 49,532 12,027,006) 51,907 15751 1205,0091 Cash generated from operations Interest paid Nel cash used in operating activities 111,9621 12,038.9681 111,9471 1216,9561 Cash flows from Investlng actlvltles Dividends, interest and rents from investments Purchase of tangible assets Proceeds from sale of tangible assets Proceeds from sale of other investments 331,348 304,832 (613,173) 12,647,202) 1,176,000 672,514 136,070 1.030.245 11,669,856) Nel cash Iromllused in) investing activities Cash flows from tlnanclng actlvltles Proceeds from borrowings Nel cash used in financing activities 153,499) 153.499) 198,2911 198,2911 Net decrea$e In cash and ¢a$h equlvalent$ Cash and cash equivalents at beginning of year Cash and cash equlvalents at end of year 11,062,222) 11,985,103) 10,705,106 12,690,209 9,642,884 10,705,106 The notes on pages 16 to 32 torm part of these financial statements. 15-
The Apostolic Church Notes to the Flnanclal Statements Year ended 31 March 2024 General information The charity is a public benefit enlily and a registered charity in England, Wales and Scotland and is unincorporated. The address ol the principal office is Suite 105, Crystal House, New Bedford Road, Lulon, LU1 1 HS. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011, Charities and Trustee Investment (Scollandl Act 2005 and the Charity Accounts (Scotlandl Regulalions 2006 las amended). A¢¢ountlng pollcles Basls of preparatlon Fund Accountlng General funds are unrestricted funds which are available for use at the discretion of the Finance Committee in furtherance of the general objectives ol the charrty and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Finance Commillee for particular purposes. The aim and use ol each designated fund is sel out in Ihe notes lo the financial stalemenls. Reslricled funds are funds which are lo be used in accordance with specific reslriclions imposed by donors or which have been raised by the charity lor particular purposes. The cost ol raising and administering such funds are charged against the specific fund. The aim and use ol each reslricled fund is sel out in the notes lo the financial slatemenls. Going concern Based on the charity's current financial position and ongoing nature of ils activities there are no material uncertainties about the charity's ability lo continue. Judgements and key sources ot estimation UnrtaInty The preparation of the financial statements requires management to make judgements, eslimales and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations ol lulure events that are believed to be reasonable under the circumstances. 16-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Accounting policies {continuedJ Judgements and key sources ot estimation uncertainty (continued) Significant judgements The judg8ments (apart from those involving eslimationsl that management has made in the process ol applying the entity's accounting policies and that have the most significant effecl on Ihe amounts recognised in the financial statements are as follows.. Control of assembly assets and funds The Trustees delegate powers for local authority lo local Pastors and Leading Elders in relation to various mallers including day lo day financial control, however the assets and funds held by the local assemblies are all controlled by the Church as a whole and incorporated into the Financial Stalemenls. Key sources ol estimation uncertainty Accounting estimates and assumptions are made concerning the future and. by their nature, will rarely equal the related actual outcome. The key assLJmptions and other sources ol estimation uncertainly that have a significant risk ol causing a material adjuslmenl to the carrying amounts ol assets and liabilities within the next financial year are as follows.. Legacy income The Charity recognises legacy income when the receipt is probable and the enlillemenl has been established. Estimates of legacy income due are based on correspondence received from solicitors acting on behalf ol estates where a legacy payment lo the Charity is notified during the year. Impairment ol fixed assets The Charity considers whether assets held are impaired. Where an indication ol impairment is identified ihe estimation ol recoverable value requires estimation ol the recoverable value. The Trustees evaluate this based on available evidence and reports from relevant experts as appropriate. Investment valuation The Gharily carries investments held al Market Value. The valuation of fixed asset investment properties has lo be eslimaled and the Trustees base their estimates on expert valuations and market conditions. Listed investments are valued based on their listed market values. Defined benefit pension scheme The Charity has obligations lo pay pension benefits to certain employees. The cost of these benefits and the present value ol the obligation depend on a number of laclors, including., life expectancy. asset valuations and the discount rale on investments. Management estimates these factors in determining the nel pension obligation in the balance sheet. The assumptions rellecl historical experience and current Irends. 17-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Accounting policies {continuedJ Incoming resources All incoming resources are included in the statement of financial activities when enlitlemenl has passed to the charity., it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of enlillemenl lo Ihe gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and enlillemenl is established. income from donated goods 18 measured at the fair value ol the goods unless this is impraelical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated rosale value. Donated facilities and services are recognised in the accounts when received il the value can be reliably measured. No amounts are included for the conlribLJlion of general volLJnleers. income from ¢onlra¢ls for the supply ol services is recognised wtth the delivery ol the ¢onlracled service. This is Classified as unrestricted funds unless there is a ¢onlra¢lual requirement lor il lo be spent on a particular purpose and returned il unspent, in which case il may be regarded as reslricled. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be lully recovered, and is classified under headings ol the statement of financial activities to which il relates.. expenditure on raising funds includes the costs of all fundraising aclivilies, events, non-charitable trading activities, and the sale ol donated goods. expendtture on charitable activities in¢ludes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of ils beneficiaries, in¢luding those support ¢osts and costs relating lo the governance ol the Charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of its expenditure on charitable aclivilies. All costs are allocated to expendilure categories refleding the use of the resource. Direct cosls attributable lo a single activtty are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable, jusliliable and consislenl basis. Tanglble assets All fixed assets are initially recorded al cost. Certain properties are carried at amounts relating lo historical insured values. Capital expenditure of less than £5,000 is Irealed as revenue expenditure. 18-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Accounting policies {continuedJ Depreciation Depreciation is calculated so as lo write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows- Freehold property Long leasehold property Fixtures and fittings 167150 years straight lin8 50 years slraighl line 20 /¢ Straight line Investments Unlisted equity investments are initially recorded al cost, and subsequently measured al fair value. If lair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured al tr value with changes in lair value being recognised in income or expenditure. Impalrment of flxed assets A review for indicators of impairment is carried out al each reporting dale, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed lor possible reversal al each reporting dale. For the purposes of impairment lesling, when il is not Possible lo estimate the recoverable amount of an individual asset, an estimate is made ol the recoverable amount of the cash-generaling unit lo which the asset belongs. The cash-generaling unil is the smallest idenliliable group of assets that includes the asset and generates cash inflows that largely independent ol the cash inflows from other assets or groups of assets. For impairment lesling of goodwill, th8 goodwill acquired in a business combination is, from the acquisition date, allocated to each ol the cash-generaling units that are expected lo benefit from the synergies ol the combination, irrespective ol whether other assets or liabilities ol the charity are assigned lo those units. Financial instruments Basic financial instruments are inilially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement conslitules a financing Iransaclion, where it is recognised at the present value ol the future payments discounted al a market rale of interest for a Similar debt instrument. Current assets and current liabilities are SLJbsequenlly measured al the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their lair value can olhewise be measured reliably, the investment is subsequently measured al lair value with changes in lair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 19-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Accounting policies {continuedJ Defined benefit plans The company recognises a defined net benefit pension asset or liability in the slalemenl ol financial position as the net total ol the present value ol ils obligations and the lair value ol plan assets out ol which the obligations are lo be settled. The defined benefit liability is measured on a discounted present value basis using a rale determined by reference lo market yields at the reporting dale on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unil credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the lulure or through refunds from the plan. Changes in the net defined benefit asset or liability arising from employee service are recognised in income or expenditure as a current service cost where il relates to services in the current period and as a past service cost where it relates lo services in prior periods. Costs relating lo plan introductions, benefit changes, curtailments and settlements are recognised in income or expenditure in the period in which they occur. Nel interest is determined by multiplying the nel defined benefit liability by the discount rate, both as determined al the start ol the reporting period, taking account ol any changes in the net defined benefit liability during the period as a result of contribution and benetil payments. Nel interest is recognised in income or expenditure. Defined contribution plans Contributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in lulure payments or a cash refund. When contributions are not expected lo be sellled wholly within 12 months ol the end of the reporting dale in which the employees render the related seNice, the liability is measured on a discounted present value basis. The unwinding ol the discount is recognised as an expense in the period in which il arises. Charitable activities Unreslricled Funds Restricted Total Funds Funds 2024 Donations, giving and similar income Legacy income Fundraising for buildings Other charitable activity Conleren¢e income 4,329,671 184 54.577 4,384,248 184 220,830 607,340 1,097 5,213,699 220.830 102.324 1.097 505,016 4,834,871 378,828 -20-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Charitable activities (continued) Unreslricled Funds Restricted Total Funds Funds 2023 Donations, giving and similar income Legacy income Fundraising lor buildings Other charitable activity Conference income 4,117,802 107,862 71,831 4,189,633 107,862 73,491 609,769 1,210 73,491 184,364 1,210 425,405 4,651,069 330.896 4,981,965 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Property income Investment income and interest received 292,940 292,940 290,103 290,103 38,408 38,408 331,348 14,729 14,729 331,348 304.832 304,832 Other income Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain on disposal ol tangible fixed assets held lor charity's own use Gain on revaluation of tangible fixed assets held lor charity's own use 850,651 850,651 344,536 344,536 156,094 156,094 850,651 850,651 500.630 500,630 21
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Expenditure on charitable activities by fund type Unreslricled Funds Restricted Total Funds Funds 2024 Missionary Ministerial Other Church admin Support costs 7,703 3,366,655 335,514 204,301 1,463,550 120,158 291,503 130,675 127,861 3,658,158 466,189 204,301 1,463,550 5,377.723 542.336 5,920,059 Unreslricled Funds Restricted Total Funds Funds 2023 Missionary Ministerial Other Church admin Support costs 15,568 3,274,953 205,027 171,644 1,077,437 273,763 258,093 113,473 289,331 3,533,046 318,500 171,644 1,077,437 4,744,629 645.329 5,389,958 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Missionary Ministerial Other Church admin Governance Costs 127,861 3,658,158 466,189 204,301 127,861 4,693,717 466,189 204,301 427,991 5,920,059 Apportionment of costs between activity types has been allocated on an actual basis. 289,331 4,439,946 318,500 171,644 170,537 1,035,559 427,991 4,456,509 1,463,550 5,389,958 Analysis ot support costs Church admin Total 2024 Total 2023 Missionary Ministerial Other Staff costs Premises Finance ¢osts Governance costs Other expenses Travel and accommodation 610,054 270,619 11,962 311,520 141,261 610,054 270,619 11,962 427,991 141,261 500.549 239.951 11.947 170.537 152.942 10,889 88,184 17,398 1,663 1,663 17,398 1,463,550 1,077,437 1.511 10,889 1,347,079 88,184 -22-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Analysis ot support costs (continued) Support costs above relate to specifically idenliliable support aclivilies. 10. Net gainslllosses) on investments Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainslllossesl on listed investments 6,065 6,065 16,9361 16,9361 11. Net income Nel income is staled after chargingllcreditingl: 2024 2023 Depreciation of tangible fixed assets Gains on disposal ol tangible fixed assets 120.083 (850.651) 124,881 1344,5361 12. Audltor$ remuneratlon 2024 2023 Fees payable for the audit ol the financial slalements 24,000 24,000 13. Staff Costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Employer conlributions lo pension plans 2,501,321 67,242 2,568,563 2,441,708 75,438 2,517,146 The average head count ol employees during the year was 131 12023.. 1251. The average number ol lull-time equivalent employees during the year is analysed as follows.. 2024 No. 2023 No. Number ol staff 85 77 No employee received employee benefits ol more than £60,000 during the year12023'. Nill. -23-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 14. Trustee remuneration and expenses Payments to Trustees No remuneration was paid lo any individual in connection with their services as Trustee. The remuneration paym8nts made relate entirely lo th8 work carried out as lull or part time pastors of churches in line with the standard fees auihorised by the charity's governing document. The level ol salary received is independently determined by the local church leadership team in line with the guidance issued by the Finan Committee and salary review board. There is a weighting according lo geographic location and congregation size. The Charity also makes pension ¢ontribulions as part of the defined ¢onlribulion pension scheme in place. The totals paid lo Trustees in relation to their roles as ministers were as follows= Gross Salary 2024 2023 P Howells A Matheson D Bird C Hopkins I Parker S Taylor P Doherty 55,138 40,655 30,637 40,677 37,484 42,102 19,778 39,993 34,562 41,525 21,257 170,678 233,130 Employer Pension Contributions 2024 2023 P Howells A Malheson D Bird C Hopkins I Parker S Taylor P Doherty 3,210 4,003 4,125 4,104 1,072 4,336 3,393 3,957 997 4,109 3,377 17,030 19,653 In addition lo the above paymenls, certain Trustees are provided with living accommodation by reason of their employment as pastors. This is in line with Customary practice lor ministers of religion to enable their duties lo be better performed. Those who are not provided with living accommodation receive a housing allowance as part of their salary in lieu of the church providing a manse. The housing allowances are included in the gross salaries above. -24-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 Reimbursed expenses The following expenses were reimbursed during the year- 2024 2023 P Howells A Malheson D Bird C Hopkins I Parker S Taylor P Doherty 1,207 1,117 592 449 440 5,080 3,341 1,931 4,986 584 957 11,833 8,851 15. Tanglble flxed assets Long leasehold Fixtures and property fittings Freehold properly Total Cost Al 1 April 2023 Additions Disposals At 31 March 2024 13,293,954 613,173 1356,8131 13,550,314 128,927 532,089 13,954,970 613,173 (356.8131 532,089 14,211.330 128,927 Depre¢latlon Ai 1 April 2023 Charge for the year Disposals At 31 March 2024 941,953 97,355 131,4641 1,007,844 12,551 481.028 22.728 1,435,532 120,083 (31,4641 1,524,151 12,551 503.756 Carrying amount At 31 March 2024 12,542,470 116,376 28,333 12,687,179 Ai 31 March 2023 12,352,001 116,376 51,061 12,519,438 On transition to FRS102 the assets have been inclLJded in the financial statements on a historic cost basis. Certain property additions incurred by the assemblies between 1992 and 2010 are not included within the accounts as the accounts prepared during these years did not include the income and expenditure lor the assembly data. -25-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 16. Investments Listed investments Cost or valuation Ai 1 April 2023 Additions Disposals Fair value movements 130.005 (136,0701 6.065 At 31 March 2024 Impairment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 Ai 31 March 2023 130,005 All investments shown above are held at valuation. Flnanclal assets held at talr value Listed investments Fair value adjuslmenls are processed in respect ol the listed investments every 6 months in line with a report issued from the broker. 17. Debtors 2024 2023 Prepayrllenls and accrued income Other debtors 7.154 404.332 6,340 5,785 411,486 12,125 18. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdralls Accruals and deferred income Social security and other laxes Other Creditors 80.549 48.891 43.272 6,260 178,972 85,731 135,753 221,484 19. Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 978,140 1,026,457 -26-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 19. Creditors: amounts falling due after more than one year (continued) Various bank loans are secured against properties held by the Church throughout the UK. 20. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £67,24212023'. £75,438). Defined benefit plans The charity operates two defined benefrfc pension schemes.. The Apostolic Church Unlunded 617th Scheme (the "Unlunded Scheme") The Apostolic Church Stall Pension Scheme Ilhe "Funded Scheme") Unfunded Scheme This is an informal lop up pension arrangement providing benefits based on a standard minimum lee and reduced for other pension income received by the individual. Under the scheme, the employees are enlilled lo retirement benefits on reaching retirement age. There are no scheme assets held separately from those ol the charity. The scheme is closed to new members. Spouses ol the former employees are also enlilled lo the same level ol benefit upon the death ol the former employee within the scheme. Pensions are paid lo the beneficiaries on a Month basis directly from the charity's assets. The value ol the liabilities al the reporting dale has been delermined on a member by member basis based on data used by the previous actuary in preparing last year's disclosures and with allowance lor member movements over the year. A valuation ol the scheme has been carried out as al 31 March 2023 by a qualified independent actuary. Funded Scheme This scheme provides members with pensions in retirement and death benefits. Pension benefits are linked to a member's final salary and their length of service, al 30 June 2005 or earlier date of leaving. Since 30 June 2005 the Funded Scheme has been Closed lo new employees. The Funded Scheme is a registered scheme under UK legislation, is subject lo the funding requirements outlined in Ihis legislation and was ¢onlracled into the Slate Se¢ond Pension. The Funded Scheme was established from l July 1981 under trust and is governed by the Funded Scheme's trust deed and rules. The charity is responsible lor the operation and governance of the Funded Scheme, including making decisions regarding the FLJnded Scheme's funding and investment strategy. The liabilities ol the scheme shown below have been estimated by updating the results ol this actuarial valuation lo allow lor the passage of lime, benefits paid out of the scheme and changes in actuarial assumptions. -27-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 20. Pensions and other post retirement benefits (continued) The slalemenl of financial position nel defined benefit asset is determined as follows.. Unlunded Scheme Funded Scheme Total 2024 2023 2024 2023 2024 2023 Present value ol defined benefit obligations Fair value of plan assets 1839,0001 1979,0001 12,862,000) 12,691,000) 13,701.0001 13,670,000) 3,762,000 2,567,000 3,762,000 2,567,000 900,000 1124,0001 61,000 11,103,000) 1839,0001 1979,0001 Changes in the present value ol the defined benefit obligations aro as follows-. Unfunded Funded Scheme Scheme Total Ai 1 April 2023 Past service Cost Interest expense Benefits paid Remeasuremenls.. Actuarial gains and losses At 31 March 2024 979,000 2,691,000 3,670,000 208.000 208,000 42,000 118.000 160,000 178,0001 1143,0001 (221,0001 1104,0001 839,000 112,0001 (116,0001 2,862,000 3,701,000 Changes in the fair value of plan assets are as follows.. Unfunded Scheme Funded Scheme Total Ai 1 April 2023 Interest income Benefits paid Contributions by employer Administrative costs Remeasuremenls.. Return on plan assets, excluding amount included in interest income 2,567,000 2,567,000 141,000 141,000 178,0001 1143,0001 {221,0001 78,000 1,267,000 1,345,000 1102.0001 (102,0001 32.000 32,000 3,762,000 At 31 March 2024 3,762,000 -28-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 20. Pensions and other post retirement benefits (continued) The lolal costs for the year in relation to defined benefit plans are as follows.. Unlunded Scheme Funded Scheme 2024 2023 2024 2023 Total 2024 2023 Recognised in income or expenditure.. Nel interest expense Administrative costs 42,000 28,000 123,0001 14,000 19,000 42,000 102,000 26,000 102,000 121,000 26.000 42,000 28,000 Recognised in other recognised gains and losses- Experience gain Ilossl arising on scheme liabilities Remeasuremenl ol the liability.. Actuarial gains and losses Return on plan assets, excluding amounts included in nel interest 79,000 40,000 68.000 126,0001 87,000 (26,0001 87,000 1104,0001 1143,0001 14,000 1772,0001 (90,0001 1915,0001 132,0001 (32,0001 1104,0001 1143,0001 144,0001 1378,0001 (148,0001 1521,0001 307,000 307,000 The lair value of the major categories ol plan assets are as follows- Funded Scheme 2024 2023 Cash and cash equivalents Insured annuities percentage Nel current assets percentage 4.15 11.24 84.61 7.56 17.45 74.99 The return on plan assets are as follows.. Funded Scheme 2024 2023 Return on assets of benefit plan 173,000 1234,0001 -29-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 20. Pensions and other post retirement benefits (continued) The principal actuarial assumptions as at the slalement ol financial position dale were.. Unlunded Scheme Funded Scheme 2024 2023 2024 2023 Discount rate Expected rale ol increase in pensions Inflation assumption Mortality rates.. Current pensioners al 65 - male Current pensioners al 65 - female Future pensioners at 65 - male Future pensioners at 65 - female 4.45 4.50 4.45 3.00 2.25 4.50 3.00 2.25 2.25 2.25 86.30 88.70 87.20 89.90 86.20 88.70 87.20 89.80 86.30 88.70 87.20 89.90 86.20 88.70 87.20 89.80 21. Analysis ot Charitsble funds Unrestrl¢ted funds Al 1 Apr 2023 Gains and At losses 31 IAar 2024 Income Expenditure Transfers General funds Defined benefit pension schemes 11.103,0001 1,486,000 1470,0001 17,536,887 6,016,870 15.377,7231 18,639,887 4,530,870 14.907,7231 165,5811 6,065 18,203,518 148,000 61,000 154,065 18,264,518 165,5811 Al 1 Apr 2022 Gains and Al losses 31 Mar 2023 Income Expenditure Transfers General funds Defined benefit pension schemes 11.846,0001 1141,0001 16,512,853 5,456,531 14.744,6291 1201,9321 18,358,853 5,093,531 14,603,629) 1201,9321 16,936118,639,887 363,000 521,000 11,103,000) 514,064 17,536.887 -30-
The Apostolic Church Notes to the Flnanclal Statements (conllnuedj Year ended 31 March 2024 21. Analysis ot charitable funds (Contin{1} Restricted funds Al 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers Missionary fund Building funds Other reslricled income 54,577 220,830 1120,1581 1291,5031 65,581 2,411,634 2.340.961 1,067,212 103,421 1130,6751 378,828 1542,3361 1,039,958 3.478,846 65,581 3,380,919 Ai 1 Apr 2022 Gains and Ai losses 31 Mar 2023 Income Expenditure Transfers Missionary fund Building funds Other reslricled income 71,831 73,491 1273,7631 1258,0931 201,932 2,596,236 2,411,634 995,111 185,574 1113,4731 1645,3291 1,067,212 3,591,347 330,896 201,932 3,478,846 Missionary fund The missionary fund comprises reslricled income which is related lo missionary work under the Action Overseas banner, within the lolal fund are amounts allribulable to specific ongoing projects. The Church has increased spending on missionary activities lo increase awareness which has caused the fund lo move into a delicil position. The trustees have decided lo transfer funds from unreslricled reserves to clear the deficit. Restricted building funds Represents various building funds managed on a local and national level in relation to various building projects ongoing al specific individual assemblies. Other restrl¢ted fund$ Represents various restricted in¢ome and expenditure items managed on a local level at specific individual assemblies. 31
The Apostolic Church Notes to Ihe Flnanclal Statements (conllnuedj Year ended 31 March 2024 22. Analysis ot net assets between funds Unreslricled Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Defined benefit pension Nel assets 11,787,160 900,019 12,687.179 7,573,470 1178,9721 1978,1401 61,000 2,480,900 10,054,370 (178.9721 {978,1401 61,000 3,380,919 21,645,437 18,264,518 Unreslricled Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments current assets Creditors less than 1 year Creditors greater than 1 year Defined benefit pension Net assets 11,612,909 130,005 8,144,914 1221,4841 11,026,457) 11,103,000) 17,536,887 906,529 12,519,438 130,005 2,572,317 10,717,231 1221,4841 11,026,457) 11,103,000) 3,478,846 21,015,733 23. Financial instruments The carrying amount lor each category of financial instrument is as follows= 2024 2023 Finan¢ial a$sets measured at falr value through Income and expendlture Listed investments 130,005 The lair values ol the listed investments are determined by reference lo the quoted market price. The remaining financial assets and financial liabilities ol the Charity qualify as basic financial inslrumenls. These are initially recognised in the Statement of Financial Position at transaction value and subsequently measured at their selllemenl value. 24. Analysis ot changes in net debt At Al 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Debt due within one year Debt due after one year 10,705,106 11,062.2221 9,642,884 185,7311 5,182 180,5491 11,026,457) 48,317 (978,140) 9,592,918 11,008,723) 8,584,195 -32-
A411 Full Financial Statements 2024 Final Audit Report 2024-12-19 Created.. 2024-12-19 By.. Burgess Ho(Igson lesign@burges5hLKlgson.co.ukl Sl8lus'. Signed Tr8nsaclion ID.. CBJCHBCA4BAAPwX7XmuLYq61Fivpg9glEWIAHBwlSMaq "A411 Full Financial Statements 2024" History Document created by Burgess Hodgson {esign@burgesshodgson.co.ukl 2024-12-19- 3..41'.44 PM GMT- IP address.. 80.88.222.146 Document emailed to mh2@burgesshodgson.(x).uk for signature 2024-12-19- 3..41..48 PM GMT Email viewed by mh2@burgesshodgson.co.uk 2024-12-19- 3".42".27 PM GMT- IP addrèss." 104.47.11.62 Signer mh2@burgesshodgson.co.uk entered name at signing as Ivan Parker 2024-12-19- 3..57..26 PM GMT- IP addEss.' 80.235.211.162 Document e-signed by Ivan Parker 1mh2@burgesshodgson.co.ukl Signature Date.. 2024-12-19- 3..57..28 PM GMT- Time Source.. setver- IP address.. 80.235.211.162 Agreement completed. 2024-12-19- 3.'57.'28 PM GMT Adobe Acrobat Sign